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Determine the affect on a firm profit

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Reference no: EM131868516

Can some one please help me understand how to determine the affect on a firm's profit (increases, decreases, remains the same) if it decided to shut down (in the short run) vs. if it decided to exit (in the long run). How would i determine this using the known price, marginal cost, marginal revenue, average variable cost and average total cost given by a firm. Thanks for the explanations.

Reference no: EM131868516

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